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CBC sits out vote to regulate financial services industry over concern for jobs

The House Financial Services Committee passed a major bill to
regulate risk in the financial industry as Congressional Black Caucus (CBC)
members remained absent from the vote.

The panel voted in favor of the bill, 31-27, with CBC members absent.
CBC members have raised concerns that the administration is not doing enough to
help the African-American community weather the bleak economy.

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Financial Services Chairman Barney Frank (D-Mass.) had
postponed an earlier vote more than a week ago because CBC members threatened
to withhold their votes.

White House Chief of Staff Rahm Emanuel was seen leaving the
Financial Services staff room shortly before the vote.

The bill is a major and contentious component of a wide-ranging
effort to overhaul the financial industry. Frank has said that the CBC’s concerns
are not about the underlying financial bill.

But the CBC efforts underscore the frustration lawmakers are
showing over the nation's 10.2 percent unemployment rate and their efforts to
devise job-creation programs.